Belize has witnessed robust economic growth since the 1980s due to efficient economic management and a conducive business environment. After successfully implementing a stabilization program supported by the International Monetary Fund in 1985, the country has steadily improved its fiscal performance and expanded an investment program aimed at improving infrastructure and basic services. Belize’s upper-middle-income economy has the 2nd highest per capital income in Central America. The economy relies on tourism, garment production, food processing, construction, and exports of sugar, bananas, citrus, and marine products.
Currency: Belize Dollar
Principal language: English
Government: Parliamentary Representative Democratic Monarchy
Capital City: Belmopan
Major Cities: San Ignacio, Belize City, Orange Walk, Corozal
Employment contracts in Belize must contain the following details:
- The name of the employer
- Place of employment
- The job description
- Place of origin of the worker
- Name and address of the worker’s next kin
- The rates of wages and method of calculation
- The manner and periodicity of payment of wages
- The measures to be taken to provide for the welfare of the worker under the terms of the contract
- The conditions of repatriation where applicable.
The regular work schedule comprises 45 hours in a week. Employers cannot ask employees to work for more than 9 hours a day or more than 6 days in a week. The weekly wages shall not be deducted due to any reduction in the maximum weekly hours. Overtime is paid over the regular rate of pay calculated based on a 45-hour week schedule.
Employees who work for more than 45 hours in a week or 9 hours in a day are entitled to overtime pay at the following rates:
- On Christmas Day, Good Friday, and Easter Monday: Not less than twice the regular pay
- On public holidays: At a rate not less than 1.5 times the regular pay
- On Sundays or other agreed rest days: At a rate not less than 1.5 times the regular pay
- January 1: New Year’s Day
- March 9: Baron Bliss Day
- Holy Thursday: Good Friday - Holy Saturday - Easter Sunday - Easter Monday
- May 1: Labor Day
- May 24: Commonwealth Day
- September 10: St. George’s Caye Day
- September 21: Independence Day
- October 12: Columbus Day
- November 19: Garifuna Settlement Day
- December 25: Christmas Day
- December 26: Boxing Day
Employees are entitled to 2 weeks’ annual leave after completing 1 year of service with an employer.
Women employees are entitled to 14 weeks’ maternity leave. Out of the total leave, they can take a maximum of 7 weeks' leave before the expected date of delivery while the rest can be taken later if they worked with the same employer for at least 150 days during the last 12 months. It is mandatory to take the maternity leave at least 2 weeks before and 7 weeks after the expected date of delivery.
Employees who have worked for at least 60 days in the last 12 months with an employer are entitled to 16 days’ sick leave in a year. Employers are required to provide compensation that corresponds to the total remuneration 16 days before the sickness began. If employees fail to submit a medical certificate confirming their illness within 48 hours, they may not be entitled to sick pay.
Pension and Social Security
- Employees aged 14 to 64 including self-employed individuals and public servants
- Only work injury benefits are provided to individuals aged 60 to 64 who have already received old-age benefits
Source of Funds
Insured person: Weekly contributions have been classified into 8 wage segments:
- B$0.83 if weekly earnings are less than B$70
- B$1.35 if B$70 to B$109.99
- B$1.95 if B$110 to B$139.99
- B$3.15 if B$140 to B$179.99
- B$4.75 if B$180 to B$219.99
- B$6.35 if B$220 to B$259.99
- B$7.95 if B$260 to B$299.99
- B$9.55 if B$300 or greater
These contributions are also used to fund maternity, sickness, and work injury benefits. Voluntary weekly contributions vary from B$1.76 to B$10.24 based on best 3 years of contributions.
Employer: Weekly contributions have been classified into 8 wage segments:
- B$3.57 if weekly earnings are less than B$70
- B$5.85 if B$70 to B$109.99
- B$8.45 if B$110 to B$139.99
- B$9.65 if B$140 to B$179.99
- B$11.25 if B$180 to B$219.99
- B$12.85 if B$220 to B$259.99
- B$14.45 if B$260 to B$299.99
- B$16.05 if B$300 or greater
These contributions are also used to finance maternity, sickness, and work injury benefits.
The retirement pension is paid to individuals aged 60 to 64 who have retired from insurable employment or those aged 65 regardless of whether they have retired or not. The minimum weekly pension is $47.00.
The survivors’ pension is paid to the deceased’s widow/widower, children aged 16 years (21 years if receiving a full-time education), or parents. The minimum weekly pension is $47.00 which is divided among eligible survivors.
The disability pension is paid to employees who suffer an injury or contract a disease as a result of work and are assessed 25% disabled. The minimum weekly pension is $47.00.
The invalidity pension is paid to employees who cannot work due to a disease which is likely to be permanent and have been sick for at least 13 weeks before claiming the benefit. The minimum weekly pension is $47.00.
How GPS can Help
With our Global PEO/Employer of Record services, companies can expand into Belize and hire their employees without having to establish a branch office or subsidiary in Belize.
- Your candidate is hired via our Belize PEO. If needed, we can also help you find the right talent in any country with our comprehensive global staffing services.
- Your new employee begins work quickly as we take care of employment contracts, statutory and non-statutory benefits, and running their payroll - all in full compliance with Belize laws.
- Global PEO Services experts manage all day-to-day operational issues such as employee expenses, and severance/termination if required.
- With no contractor risks, pass on the compliance burden to Global PEO Services.
Spin Off/M&A Support
- Ensure continuity of payroll, benefits and HR support when acquiring or spinning off a business with employees overseas.
24/7 Support in 100+ Countries
- Empower your teams with 24/7 support and a single point-of-contact model in which experienced client services directors are in continuous communication with information and advice.
- We are backed by a mix of 300+ multidisciplinary experts from HR, Payroll, Finance, Tax, and Legal domains who are ready to respond to the expected and unexpected needs of your business on the shortest notice.
Easy Visibility into Your Employee Time & Attendance and Benefits Data
With our Global PEO, you get access to Mihi, our proprietary SaaS solution for time and attendance, vacation, leave management and benefits enrollment and management. Mihi enables clients to have easy access to employee data in real time. It is designed specifically for companies with a global workforce, especially when working in multiple countries with low headcount.
Ready for Growth When You Are
When ready, we can seamlessly transition you from the PEO/EOR model to your own legal entity and provide ongoing international HR, finance, legal, compliance and staffing support. Learn more about our end-to-end international expansion services.